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IPS Securex in US$55 million deal to supply technology products

IPS Securex on Wednesday said it has received a letter of intent from a dealer for the supply of PepperBall Technologies brand of non-lethal countermeasure technology products worth US$54.75 million to a government body in South-east Asia.

This will be for a period of two years starting from Q3 2015, the provider of security products said.

PepperBall is a privately held company which makes and distributes less lethal weapons for military, government, law enforcement, corrections, private security and consumer markets. IPS is the authorised distributor for PepperBall technology products for several South-east Asian countries.

IPS now has to be satisfied that the relevant export regulations of the country of origin of the products are complied with before entering into the relevant contracts.

The deal will likely not impact its earnings per share and net asset value per share materially for FY15.